Lundin lowers oil estimate for two Barents Sea discoveries

Lundin Petroleum has downgraded contingent resources at its Gohta and Alta oil discoveries in the southern Barents Sea offshore Norway to 115-390 MMboe combined.

Offshore staff

STOCKHOLM, SwedenLundin Petroleum has downgraded contingent resources at its Gohta and Alta oil discoveries in the southern Barents Sea offshore Norway to 115-390 MMboe combined.

In Gohta’s case, the reduction is due to results from an appraisal well drilled last year, while for Alta, the change follows a review of all wells on the field completed in 2016 and 2017.

Later this year the company plans an extended well test at Alta with a view to reducing reservoir uncertainty and providing the basis for development studies.

Overall, consultant ERCE estimated Lundin’s 2P (proved plus probable net reserves) at 726 MMboe at the end of last year, with 3P (proved/probable/possible) net reserves of 895 MMboe.

At theEdvard Grieg field in the Norwegian North Sea, Lundin’s main producing asset, 2P reserves rose to 274 MMboe, up 51 MMboe from the end-2016 estimate, excluding production.

The increase was based on drilling results and production performance to date, which suggest more oil in-place and a greater proportion in higher recovery sands as compared to the lower quality conglomerate reservoir.

Lundin has identified further contingent resources in the form of infill drilling opportunities.

01/22/2018

More in Drilling & Completion